A Good Time to Renegotiate
Updated: Oct 22, 2021
Are you content with your current office or industrial space? Whether it’s time to renew your lease or not, it may be a good time to renegotiate. As commercial lease expenses continue to climb in the Twin Cities, you may gain three potential benefits by renegotiating:
1. Lock in a better rate than you would get from waiting, thus freeing up future cash flow.
2. Right-size or expand your current space to best suit your company’s situation and size.
3. Gain access to a tenant improvement (TI) allowance to renovate your current space and best meet the immediate needs of your organization.
Your first step in renegotiating is to evaluate your business position as tenant. A commercial real estate broker can help you examine the current CRE market, understand your current lease parameters and negotiate a better lease agreement.
Having a broker on your team gives you a leg up during negotiations. They are experts in the process and know market conditions. They also know current concessions landlords in your market are willing to give. After all, owners want their buildings occupied.
Jeff Salzbrun is the owner and broker of Commercial Equities Group (CEG). As a veteran-owned real estate brokerage, CEG has been involved in many sale and lease transactions, ranging from single offices to 250,000+ square foot buildings. At CEG, we get your deal done. We know space, and we know the CRE business.
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